Spanish Broadcasting System, Inc. Reports Results for the Second Quarter 2008

COCONUT GROVE, Fla., Aug. 7 /PRNewswire-FirstCall/ -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") today reported financial results for the three- and six-month periods ended June 30, 2008. Discussion and Results Raul Alarcon, Jr., Chairman and CEO, commented, "During the second quarter we continued to execute on our strategy to strengthen our diversified media platform and expand our share of the rapidly growing Hispanic population. While MegaTV continued to generate robust growth, our overall results were impacted by decreased revenues at our radio group, in line with our expectations. Due to the economic slowdown, the advertising environment weakened further during the quarter, with key categories seeing reductions in spending. As a result, we are tightening our cost controls, while adjusting our sales and... [read full story]